Will A New Tax Free Savings Account Help Homebuyers Experts Offer Mixed Reviews
The FHSA would allow first-time buyers to save up to $ 40,000 – with contributions limited to $ 8,000 per year – for home purchases on registered accounts that combine some of the tax benefits of registered savings plans (RRSP) and savings accounts. Some who praised the new measure as a powerful savings tool still note that even Canadians who can maximize bills probably will not have enough to qualify for home purchases in some of Canada’s most expensive markets, where home appraisals exceed the $ 1 million average, which requires a minimum down payment of 20 percent....